Palatine Growth Credit has completed two further deals, providing growth capital to two fast-growing tech businesses in the North of England.
The Manchester-headquartered lender has backed Yorkshire-based BAE Systems spinout Talion and expanded its support for Manchester-based FinTech business Voly Group.
Headquartered in Wakefield, Talion provides defence industry-grade cyber security services to large corporates around the world. Employing security, information and event management (SIEM) technology and a designated Security Operations Centre (SOC), it offers end-to-end cyber services including threat detection and response, dark web tracing and sensitive data storage.
The business was originally established as BAE Systems’ Cyber Security Unit, set-up at the request of the UK Government to provide critical infrastructure protection for the 2012 Olympic games. In 2020, Talion was formed through a management buy-out led by Keven Knight and Mike Brown. It has grown to annual revenues of £7.5 million.
Palatine is providing the business with £3 million of growth credit to support Talion’s organic growth and team expansion. The business also has VC backing from Mercia Asset Management.
The Growth Credit team has also provided further support to Voly Group, the Cheadle-based financial management software company operating in the maritime industry. The increased funding package has been deployed to fund Voly’s acquisition of Go Sea Digital Ltd, a digital crew management platform which will further bolster the Voly offering to the maritime sector.
This marks the second acquisition for Voly in three months as they look to create an industry-leading ERP system for the yachting industry.
Ryan Sorby, partner and head of North at Palatine Growth Credit, said: “Talion has an exceptional product which provides a best-in-class, end-to-end cyber security for a high-profile and distinguished client base.
“Cybersecurity is a competitive and growing market and Talion is a genuine front runner focussing on continuous product innovation and exceptional client service.
“We’re very pleased to have completed Palatine Growth Credit’s first deal in West Yorkshire and to be able to expand our relationship with Voly Group so soon after our initial backing to further support its exciting growth plans.”
Mike Brown, CEO at Talion, said: “Talion is thrilled to have Palatine’s support as we look to increase our headcount further and accelerate our growth within the cyber security industry.”